This microcap doesn't get much attention on HC but it's looking...

This microcap doesn't get much attention on HC but it's looking undervalued to me. Would be curious to hear other people's thoughts, but here is how I see it:

ASSETS
Cash (at 31.03.09): $1,161,000
Investment property (at 31.12.08): $1,830,000
Equity investments (my very conservative estimate): $850,000
TOTAL = $3,841,000 = $0.24 per share

LIABILITIES (as at 31.12.08): $926,638 = $0.058 per share

This makes a valuation of approx. $0.182 per share. If we take an extremely pessimistic view, and factor in the Crows Nest property as being worth $1.5m, then NTA works out to $0.162 per share.

GPB last traded at 10c. Bid is now at 11c, offer at 17c.

Things to consider with this stock:
1. The lease on the Crows Nest property expires later this year. If the tenants choose not to take up the option for another five years, this could threaten GPB's major revenue source.
2. The company has been sitting on piles of cash since it listed in 2004, and paying interest on its $900,000 of borrowing. Seeing it has been paying more in interest on debt than it has been receiving in interest on its cash, it seems silly to have had this arrangement. Why didn't the directors pay off the debt with their excess cash, and save the interest rate margin?
3. I'd like to see some transparency re GPB's stock investments.

What do you all think of this company's prospects?